BluefoxToday blog : Southern Nevada housing market moving cautiously forward

Southern Nevada housing market moving cautiously forward

The air brakes were applied a while back to make an honest attempt to arrest the steady slide of the real estate market here in Las Vegas. The road down looked long and straight and ominous. At last, for the most part the pump action seems to be now working. The downward momentum is quietly leveling off, the foot can come off the brake and new energy is being infused into the hearts of valley residents as they sincerely wish this unique experience won't repeat itself anytime soon.

There are some positive official indicators that point toward better times, as was recently reported by the Greater Las Vegas Association of Realtors, or GLVAR. The single-family house sales number grew to 2,206 in May, a fifth successive monthly increase, which shows that buyers are gaining more confidence in the marketplace. And it is a nice 29.2% improvement from last year.

GLVAR also discloses that the median sales price stood at $236,692 in May, representing a small gain from April, something that hasn't happened in Las Vegas in a long while. Compared with last year's figure, it's still down 21.5%. Regardless, a gain is a gain and it broke a long-lasting trend south. This type of change can also have an all-important positive psychological effect on market participants.

The one segment on GLVAR's data that remains under cloud is the single-family resale inventory. It moved up again, although by just a little bit, to 23,348. It represents a fifth consecutive monthly increase, leaving experts to speculate when it will finally reverse course. Part of the reason to that appears to be that the homeowners who decided not to list last year due to the ice-cold market then are now more energized and jumped in this spring, providing a steady stream of listings that even the soundly-rising sales numbers can't beat. Not yet anyway.

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Provided by: 

Esko Kiuru
Mortgage, real estate and apartment industry analyst 

www.BluefoxToday.com - syndicated mortgage, housing and property management blog

eskokiuru@gmail.com
My cell: 702-499-1006

Comment balloon 5 commentsEsko Kiuru • June 10 2008 09:03PM

Comments

Esko, Those are some good signs.....and I've seen other posts that seem things are starting to get better in their areas as well...let's hope so!

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) about 10 years ago

Esko, some positive even if it is only a litte positive is better than no positive at all :)

Keep your head up, better times are up ahead.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 10 years ago

Carole,

It's good to see the sales numbers improve.

Posted by Esko Kiuru about 10 years ago

George,

The inventory is still a bit of a problem.

Posted by Esko Kiuru about 10 years ago
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Posted by nseylwrz over 6 years ago

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